Costco Wholesale Corp. reported a better-than-expected quarterly profit. According to its monthly sales reports for September, October and November, fresh food was among the company’s strongest selling categories. Last week the company reported a 1 percent rise in quarterly sales at US stores opened in more than a year. Net income of the company rose to $545 million, or $1.24 per share, in the first quarter, from $480 million, or $1.09 per share, a year earlier. On average, analysts had expected earnings of $1.19 per share, according to Thomson Reuters I/B/E/S. Total revenue rose 3.2 percent to $28.10 billion, slightly below estimates of $28.30 billion.

Last week OPEC tried to rescue a deal to cut oil production, which was preliminarily agreed in September. Hopes for the deal made oil companies optimistic and they added $490 billion to their combined market cap this year. Saudi Arabia pulled out of the meeting with non-members, arguing that OPEC needs to clear its internal negotiations before engaging with other producers. After the Saudis left the meeting, talks in Vienna with non-OPEC members were cancelled. Russian Energy Minister, Alexander Novak didn’t attend the OPEC meeting on Wednesday, but said he is ready to discuss a potential cooperation with the organization.

Jewelry maker, Tiffany reported its first rise in sales in eight quarters even though sales at established stores fell 2 percent in Q3. On average, analysts had expected a 2.8 percent drop, but Tiffany’s net sales rose slightly from $938.2 million a year earlier to $949.3 million. Net income also grew 4.5 percent to $95.1 million or 76 cents per share.Read more

Crude oil prices rose as optimism over the OPEC deal was spreading. Prices jumped after the Iraqi delegate said that some form of a deal would be reached in Vienna. Iran’s oil minister, Bijan Zanganeh, said he is also optimistic about the deal and that his country was not prepared to reduce output.

Donald Trump met with Wall Street veterans on Monday as he sought to fill the role of Treasury Secretary in his new administration. According to CNN, he has narrowed the range of candidates to Steven Mnuchin, a former Wall Street exec and Jonathan Gray, a billionaire in charge of Blackstone Group, a New York-based global asset management firm. The president-elect said he would nominate Alabama Senator Jeff Sessions for attorney general and Representative Mike Pompeo for CIA director, and choose retired Lieutenant General Michael Flynn as national security adviser.

Monday November 28, 2016

EUR – ECB President Draghi Speaks – 2:00pm GMT

He is about to testify about the European Central Bank’s perspective on economic and monetary developments and the consequences of the Brexit before the European Parliament’s Economic Committee, in Brussels.

Black Friday is indeed the busiest shopping day of the year, but did you know where did the name come from?

Nobody is exactly sure how the day got its name. There are a number of myths about the origin of the phrase.

The first myth claims that it was coined to mark the day as one of the biggest profitable days in the year for retailers. In accounting, “black” refers to stores moving from “in the red” to “in the black” – or just going profitable. So that’s why the name “black” seemed appropriate.Read more